Introduction to Economics
Economics is a social
science that deals with the production, distribution, and consumption of
commodities. It is the study of how society uses its limited resources.
Economics is not just about money, but also about making choices and
alternatives in everyday life. Its analysis is applied throughout society, in
business, finance, government, education, politics, religion, and health care.
The subject is divided
into two broad categories. Macroeconomics is the first type that deals with the
overall working of a national economy and focuses on a large scale. On the
contrary, Microeconomics deals with the decisions made by the businesses or households
and focuses at the individual level. Economics
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There are various other
fields where economics is applicable. The subject is expanded into many other
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The aim of studying
economics is to understand the decision process behind allocating the limited
resources to fulfil unlimited requirements. Studying economics can be both
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Applied economics refers
to the application of economic analysis to specific problems in both the
private and public sectors. Applied
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